Matrixport: Wall Street funds flood into crypto stocks, but the crypto market has not strengthened simultaneously

Matrixport released today's chart stating that Circle's blockbuster IPO has pushed its valuation to $24 billion, nearly $20 billion higher than Coinbase's proposed acquisition price a month ago. In hindsight, that quoted price was undoubtedly a 'bottom price.' The success of this IPO has undoubtedly reignited Wall Street's enthusiasm for crypto concept stocks.

Despite the impressive momentum, the overall crypto market has not shown the same level of enthusiasm. Data shows that the Bitcoin funding rate not only remains low but even briefly dropped into negative territory. This may indicate that some investors, while going long on crypto concept stocks, are hedging risks by shorting Bitcoin. Regardless of the strategies investors adopt, this optimism in the public market has yet to translate to crypto assets themselves. $BNB